Whatever you want to call this piece of clothing – a blanket, a jacket, a cape or a poncho, there’s no denying that Burberry Prorsum’s check wool and cashmere cape from the Fall 2014 show has been declared the latest must-have item for fall and winter. The popularity of this new cape trend is mostly owed to stylish celebs and It girls like Olivia Palermo, Rosie Huntington-Whiteley and Sarah Jessica Parker who have all been spotted being cosily wrapped in their monogrammed Burberry blanket capes out and about to fight off the chilly weather. If you love the blanket cape trend, but can’t casually drop $1,395 (not that you could anyway since the Burberry cape is already sold out everywhere), keep on reading to find a few budget-frienldy alternatives.

Jessica Buurman DEIDRE Color Block Poncho Blanket Coat

If you’re ready to invest a little into your new must-have cape, then this blanket coat from Jessica Buurman might be the right choice for you. It’s the most expensive option at $115, but it’s also very similar to the original Burberry Prorsum cape, plus Jessica Buurman is known for selling high-quality designer-inspired items, so the investment might pay off eventually.